Supply and Demand Formative Assessment
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Last updated almost 7 years ago
10 questions
Note from the author:
Economics Supply and Demand
1
Which of the following is represented by the graph above?
Which of the following is represented by the graph above?
1
Which of the following is the best example of the law of demand?
Which of the following is the best example of the law of demand?
1
The expectation of a sale on a good/service in the future is most likely to lead to which of the following right now?
The expectation of a sale on a good/service in the future is most likely to lead to which of the following right now?
1
Which of the following would likely cause the shift shown above in the market for avocados?
Which of the following would likely cause the shift shown above in the market for avocados?
1
Assume that chips and salsa are COMPLEMENTARY goods, meaning they are used together. How will the market for chips be affected if the price of salsa DECREASES to $1 per bottle?
Assume that chips and salsa are COMPLEMENTARY goods, meaning they are used together. How will the market for chips be affected if the price of salsa DECREASES to $1 per bottle?
1
Which of following is the best example of the Law of Supply?
Which of following is the best example of the Law of Supply?
1
Which of the following headlines would cause the shift shown on the graph above in the market for cars?
Which of the following headlines would cause the shift shown on the graph above in the market for cars?
1
A decrease in taxation on businessess production would most likely lead to
A decrease in taxation on businessess production would most likely lead to
1
The movement from P1, Q1 to P2, Q2 in the image above is best described as
The movement from P1, Q1 to P2, Q2 in the image above is best described as
1
Claire's Bakery can produce 48 cookies per hour. Claire, the bakery owner, buys a new convection oven. As a result of this new technology, the bakery can now produce 192 cookies per hour.
How would an economist model the change in Claire's businesses>
Claire's Bakery can produce 48 cookies per hour. Claire, the bakery owner, buys a new convection oven. As a result of this new technology, the bakery can now produce 192 cookies per hour.
How would an economist model the change in Claire's businesses>